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CDFA Revolving Loan Fund Finance Update - November 9, 2021

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Revolving Loan Funds Update
November 9, 2021
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Revolving Loan Fund Finance Update

Features

Implementation of the $1B California Rebuilding Fund Includes 778 Funded Loans to Small Businesses
To help small businesses navigate the impact of the pandemic, the California Small Business Enterprise Task Force, a public-private consortium of legal, financial, and nonprofit professionals, created the $1 billion California Rebuilding Fund. A team from MoFo led the development and implementation, a public-private partnership loan program to support California's small businesses.

SBA Announces $44.8B in Loans Awarded in FY 2021
The U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced the agency reached $44.8 billion in funding to small businesses through more than 61,000 traditional loans for fiscal year (FY) 2021.

Altoona, PA City Manager Strohm Lays Out ARP Spending Plan
City Manager Omar Strohm has proposed a tentative plan to City Council for spending all $39.6 million that Altoona will be receiving through the American Rescue Plan. This includes spending $4 million on a revolving loan fund for business development that would be administered by the Altoona Blair County Development Corp.

M&T Bank Outlines $43B Plan to Support Underserved, Communities of Color and Small Businesses
M&T Bank Corporation announced its plan to provide $43 billion in loans, investments, and other financial support to create greater economic opportunity for low-to-moderate income families and neighborhoods, as well as people and communities of color. The bank's five-year Community Growth Plan has been developed in collaboration with the National Community Reinvestment Coalition.

New York Poised to Expand CRA Rule to Nonbank Lenders
New York State is close to approving a bill that expands the requirements of the state community reinvestment act (CRA) to non-depository lenders, following the lead of Massachusetts and Illinois. The CRA rule, enacted in 1977, mandates that banks help meet the credit needs of communities in which they take deposits, specifically in low- and moderate-income neighborhoods. Some states, however, are adopting the same rule for non-depository lenders.

Fall River, MA Manufacturing Company Receives $1M Loan for Major Expansion, 150 New Jobs
MassDevelopment has provided a $1 million equipment loan from the CARES Act Revolving Loan Fund to Merrow Manufacturing, which will use funds to support the first phase of a major expansion and buy equipment that will modernize the company's manufacturing operations.

PPP is Gone, But Federal Help for Small Businesses Isn't
The federal government's Paycheck Protection Program provided small-business owners with just under $800 billion in COVID-19 relief, according to the U.S. Small Business Administration. The PPP concluded on May 31, but as businesses forge ahead in the recovery process, they may find a continued need for affordable financing. Here are some of the government funding options that are still available — and how to get them.

Michigan Senate Weighs $2.5B 'Transformational' Water Plan
Michigan officials are working to iron out the details of a $2.5 billion spending plan focused on replacing lead water lines, improving the safety of dams, and installing filtering systems in schools to make "transformational" improvements to the state's water infrastructure to benefit Michigan residents for generations to come.

Upcoming Events
SSBCI Learning Series - Module IV

CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years
Tuesday, November 30, 2021 - 2:00 PM - 4:00 PM Eastern
It has been approximately 10 years since the first PACE programs began. During this workshop, our speakers will provide insights related to expanding PACE assessments to benefit buildings and properties for other non-energy related improvements such as indoor air quality, lead water pipe replacement, surface storm water mitigation, and sewer overflows.

CDFA Federal Financing Webinar Series: Preserving Local Food Systems with Federal Financing
Tuesday, December 14, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, hear from experts at the USDA about their various programs available for rural food systems and agricultural producers to recover from the pandemic.

Headlines

Program to Lend Billions to Aid California's Supply-Chain Infrastructure
The New York Times | Nov. 8 | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | U.S. Dept. of Transportation (DOT)

Creating Financial Strength in Tribal Nations
Native News Online | Nov. 8 | Access to Capital | Community Development | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits

Winchendon, MA Sustainable Agriculture Market Receives $68K Microloan
Worcester Business Journal | Nov. 3 | Access to Capital | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

First Projects in Tuscaloosa, AL 10-Year Infrastructure Plan Set to Proceed
Tuscaloosa News | Nov. 1 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Southside Community Land Trust's New Providence, RI Headquarters to Invest in Healthy Food
ecoRI News | Oct. 27 | Access to Capital | Community Development | Food Systems Finance | Revolving Loan Funds (RLFs)

What's Next for the Former Marquette, MI Hospital After Agreement Reached with NMU Foundation
WJMN-TV | Oct. 25 | Brownfield Financing | Healthcare | Infrastructure Finance | Redevelopment | Revolving Loan Funds (RLFs)

Funding for Site Study Connected to Possible Goshen Brewing Co. Expansion Approved
The Goshen News | Oct. 25 | Access to Capital | Brownfield Financing | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs)

Rising Tide Capital Continues to Prep Minority Entrepreneurs for Success
Forbes | Oct. 22 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | Social Finance

URA Closes on $500K Loan to Help Bring Music Back to East Allegheny, PA Neighborhood
The City of Pittsburgh | Oct. 21 | Access to Capital | Food Systems Finance | Redevelopment | Revolving Loan Funds (RLFs) | Tax Credits

Hawaii Amends Small Dollar Lending Law
The National Law Review | Oct. 21 | Access to Capital | Revolving Loan Funds (RLFs) | State Finance Program

RI Infrastructure Bank Approves $11M Loan for Warwick Sewer Lines
Providence Business Journal | Oct. 20 | Access to Capital | Community Development | Economic Development | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

San Luis Valley, CO Rural Businesses are Focus for New Funding Opportunities
Center Post Dispatch | Oct. 20 | Access to Capital | Revolving Loan Funds (RLFs) | Rural Development

WVSA Awarded $17M Loan for Chesapeake Bay Cleanup
Times Leader | Oct. 20 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

80% of Food Businesses Fail. This Partnership at MIT is Changing the Game
Next City | Oct. 19 | Access to Capital | Community Development | Food Systems Finance | Revolving Loan Funds (RLFs)

USDA Invests $272M to Improve Rural Water Infrastructure in Rural Communities Across the Country
USDA | Oct. 14 | Access to Capital | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA) | Water Finance

Loans Available to Assist Kentucky Rural Hospitals
Kentucky Today | Oct. 13 | Economic Development | Healthcare | Infrastructure Finance | Revolving Loan Funds (RLFs) | Rural Development

A Better Way to Spend COVID Relief Funds
The Philadelphia Citizen | Oct. 12 | Access to Capital | Community Development | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | State Small Business Credit Initiative (SSBCI) | COVID-19


New Additions to the Online Resource Database

Inclusive Community and Economic Development in Small and Midsize Cities
Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs) | Social Finance | Urban Development
Small and midsize cities (SMCs) face multiple challenges including uneven economic growth, growing income inequality, and growing poverty. Uniting community development principles and economic development practice, with a focus on elevating community voice and racial equity, is central to addressing equity issues at the neighborhood level and changing the trajectory for longer term outcomes for BIPOC and LMI population groups.


The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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